Jim, Mix the BLO and mineral spirits 50/50. Weather you soak it or rub it in you want to wipe off all the excess oil. Use a clean lint free rag, I use old tee shirts for this. Check every few minutes to get any oil that seeps out. Depending on the humidity, you can topcoat in one to three days. Just make sure you don't feel any wet oil on the project before you topcoat.
Make sure you don't leave any oily rags bunched up in a pile. As the oil dries heat is created and can cause the pile to catch fire. I lay them across an old waste can for 24 hours. When dry, you can toss them.